Dow Jones Mini Futures Technical Analysis for December 29, 2015

The daily chart view for Dow Jones has been again presented to gain the bigger picture. Please again note that the drop from 18300 levels through 15500 has been an impulse. It has been retraced to more that fibonacci 0.786 levels around sub 18000 levels. Also note that the rally from 15500 levels has been corrective in nature as well. If this wave count holds true, the next big move could be on the lower side extending towards 13500 levels in the coming weeks. Immediate resistance is seen at 17900 levels, followed by 17180 level and higher, while support is seen through 16800 levels, followed by 15800 and lower respectively. Please note that a test of swing highs is quite possible before the collapse. RSI remains flat at 44 levels for now.

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